The Internal Revenue Service is asking millions of Americans to wait to file their tax returns as it works to clear up questions about special tax refunds or payments made by states in 2022.
"There are a variety of state programs that distributed these payments in 2022 and the rules surrounding them are complex," the IRS stated.
California reports that it issued more than $9 billion in Middle Class Tax Refund payments. The state says the money benefitted more than 31 million California taxpayers. While the state won't tax the refunds, residents were told that the refunds"may" be considered federal income. Similar refunds were also given out in a slew of other states local governments attempted to help residents offset the rise of inflation and the lingering effects of the pandemic."For taxpayers uncertain about the taxability of their state payments, the IRS recommends they wait until additional guidance is available or consult with a reputable tax professional," the IRS said.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cheryl Burke: 'I'm Dating Myself' After Finalizing Matthew Lawrence DivorceExclusive: DWTS alum Cheryl Burke revealed why she’s “not forcing” a new relationship after her divorce from Matthew Lawrence.
Read more »
Demi Lovato makes red carpet debut with boyfriend Jutes at pre-Grammys partyDemi Lovato and Jordan Lutes have officially made their red carpet debut as a couple!
Read more »
Analysis | Biden’s 2022 State of the Union proposals: What flopped and what succeededAnalysis: Here, in order of delivery, is a summary of 39 key proposals, pledges or priorities Biden announced in his address last March — and what happened to them.
Read more »
Despite Bear Market, 82% of Millionaires Sought Crypto Advice in 2022 (Survey)Around eight in ten high net worth customers of deVere Group showed interest in cryptocurrencies over the last year.
Read more »
Anitta, the Brazilian singer nominated for best new artist, is already a global superstarAnitta set a streaming world record in 2022. Grammys
Read more »